Fall of the Berlin Wall 2.0? - Political Effects of and European Responses to the Financial-Economic Crisis

Janis A. Emmanouilidis

ELIAMEP Thesis 4/2008

Athens 12/2008

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In ELIAMEP Thesis 4/2008 Janis A. Emmanouilidis, Stavros Costopoulos Research Fellow at ELIAMEP, discusses the potential political consequences of and European responses to the financial-economic crisis.

In more concrete terms, the paper argues that the current turmoil might lead to (1) a further decline of U.S. dominance; (2) a redesign of global governance in favour of emerging powers; (3) an increased pressure on Europeans to rise to the challenge of global affairs; (4) more self-contemplation in an increasingly inward looking atmosphere; (5) a re-politicisation of the economy; and to (6) a new battle of ideas within and among countries about what kind of policies are “right” or “wrong”.

In response to these potential consequences of the crisis, Europe or more specifically the EU should (1) promote “effective multilateralism”; (2) speak with one voice in financial institutions; (3) intensify economic cooperation in the framework of a more effective “Economic Union”; (4) develop a more balanced and mature relationship with the U.S.; (5) initiate a coherent globalisation strategy (Global Europe 2020); and (6) further politicize European policy-making.

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Janis A. Emmanouilidis, Fall of the Berlin Wall 2.0?, ELIAMEP Thesis, 4/2008, Athens, December 2008

All issues of ELIAMEP Thesis can be downloaded here.

Previous versions of the paper were published at blogs@eliamep


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